BMNR shares rise 6% after the shutdown, highlighting investor interest in Ethereum
The start of the government shutdown boosted BitMine Immersion (BMNR) shares as investors reassess digital assets, seeking those with the strongest protection and the greatest growth potential.
Since October 1, BMNR resumed growth after a slight correction last week and rose more than 6% in 24 hours, reaching $56.
Hourly chart of BMNR shares in late September and early October. Source: TradingView
This rally was driven by the company’s recent milestone announcement in Ethereum accumulation. BitMine revealed it now holds over 2% of the total ETH supply — a major step toward its stated “5% alchemy” goal.
BitMine outpaces other crypto companies in both net asset value (NAV) growth per share and trading liquidity. BMNR ranks 26th in U.S. trading volume, averaging $2.6 billion per day over the past five days.
The company’s ETH reserves exceeded 2.65 million tokens, while total crypto and cash reserves reached $11.6 billion.
Together toward a higher goal
BitMine continues to enjoy support from leading institutional investors, including Cathie Wood’s ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and private investor Thomas “Tom” Lee, all of whom back BitMine’s goal of acquiring 5% of ETH.
Currently, BitMine ranks first in Ethereum reserves and second globally in total crypto reserves, behind only Strategy Inc (MSTR), which holds 639,835 BTC worth $71 billion. This unique positioning strengthens BitMine’s competitive advantage, attracting new investors while supporting existing holders by aiming for capital growth without diluting shareholder value.
As wew wrote, Tom Lee compares current setup to past rallies after Fed easing
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